🚀 Bitcoin Rockets Past $117K: Record Liquidations as Bulls Charge

Bitcoin just punched through $117,000 like a bull through a china shop—leaving a trail of liquidated shorts in its wake. The crypto king’s latest surge isn’t just a rally; it’s a statement.

Liquidation carnage:
Overleveraged bears got steamrolled as BTC defied gravity (and Wall Street’s usual ‘bubble’ chatter). The market’s message? ‘Wake up or get rekt.’

Why it matters:
When Bitcoin moves this fast, it’s not just traders feeling the heat. Traditional finance starts sweating through its tailored suits—wondering if they’ll miss the boat (again).

The cynical kicker:
Meanwhile, hedge funds are probably still ‘researching’ whether crypto is ‘legitimate’ as their clients demand exposure. Spoiler: the train’s leaving the station.

Short Position Liquidations Rock the Market

Data from analysis platforms on both on-chain and derivatives exchanges revealed that during the heaviest global transaction volume, $1.05 million in Bitcoin$116,590 short positions were forcibly closed. This wave of liquidations led to an influx of buy orders on exchanges; margin calls were triggered consecutively, causing Leveraged sellers to rapidly close their positions.

The sudden contraction in supply prompted buy orders to be pulled forward, causing the price to jump approximately $5,000 within minutes. Consequently, the 24-hour increase reached 5.57%, with bears retreating and bulls gaining dominance in the market.

Market Value and Technical Indicators

Bitcoin’s market value climbed to about $2.33 trillion, overtaking Alphabet; no rivals remained other than Amazon, Apple, Microsoft, Nvidia, and Gold in terms of value. This positioning further cemented the cryptocurrency’s standing among traditional assets.

Analyst Martin Folb highlighted in his study comparing the price curve with the global M2 money supply index that the Wyckoff Accumulation Phase had concluded, and the Distribution Phase had commenced. M2 encompasses the broad money supply indicator, including cash in circulation, demand deposits, and easily convertible assets. Folb articulated the potential for the price, in tandem with liquidity, to target the $125,000 and $160,000 ranges, noting he WOULD share confirmations regarding the new Wyckoff schema.

Experts are cautioning that major liquidations have increased volatility and are urging investors to carefully review their leverage settings. Reports also indicated that order books thinned and price slips expanded during moments of rapidly shifting liquidity direction.